Common use of Status as an Unsecured General Creditor and Rabbi Trust Clause in Contracts

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Bank’s assets shall be held in or under any trust for the benefit of Executive or held in any way as security for the fulfillment of the obligations of the Bank under this Agreement; (iii) all of the Bank’s assets shall be and remain the general unpledged and unrestricted assets of the Bank; (iv) the Bank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank to pay money in the future; and (v) Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank and Executive acknowledge and agree that, in the event of a Change in Control, upon request of Executive, or in the Bank’s discretion if Executive does not so request and the Bank nonetheless deems it appropriate, the Bank shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust” or “Trusts”) upon such terms and conditions as the Bank, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank to be used exclusively for discharge of the Bank’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Bank’s general creditors until paid to Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Bank’s assets shall be held in or under any trust for the benefit of the Executive or held in any way as security for the fulfillment of the obligations of the Bank under this Agreement; (iii) all of the Bank’s assets shall be and remain the general unpledged and unrestricted assets of the Bank; (iv) the Bank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the Bank’s discretion if the Executive does not so request and the Bank nonetheless deems it appropriate, the Bank shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the Bank, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank to be used exclusively for discharge of the Bank’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Bank’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) Executive the Director shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer Bank as a result of this Agreement; (ii) none of the Bank’s assets shall be held in or under any trust for the benefit of Executive the Director or held in any way as security for the fulfillment of the obligations of the Bank under this Agreement; (iii) all of the Bank’s assets shall be and remain the general unpledged and unrestricted assets of the Bank; (iv) the Bank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank to pay money in the future; and (v) Executive the Director shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank and Executive the Director acknowledge and agree that, in the event of a Change in Control, upon request of Executivethe Director, or in the Bank’s discretion if Executive the Director does not so request and the Bank nonetheless deems it appropriate, the Bank shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust” or “Trusts”) upon such terms and conditions as the Bank, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank to be used exclusively for discharge of the Bank’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Bank’s general creditors until paid to Executive the Director in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the BankEmployer’s assets shall be held in or under any trust for the benefit of the Executive or held in any way as security for the fulfillment of the obligations of the Bank Employer under this Agreement; (iii) all of the BankEmployer’s assets shall be and remain the general unpledged and unrestricted assets of the BankEmployer; (iv) the BankEmployer’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank Employer and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the BankEmployer’s discretion if the Executive does not so request and the Bank Employer nonetheless deems it appropriate, the Bank Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the BankEmployer, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank Employer to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank Employer to be used exclusively for discharge of the BankEmployer’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the BankEmployer’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer Bank as a result of this Agreement; (ii) none of the Bank’s assets shall be held in or under any trust for the benefit of the Executive or held in any way as security for the fulfillment of the obligations of the Bank under this Agreement; (iii) all of the Bank’s assets shall be and remain the general unpledged and unrestricted assets of the Bank; (iv) the Bank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of Executive’s request, or in the Bank’s discretion if the Executive does not so request and the Bank nonetheless deems it appropriate, the Bank shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust” or “Trusts”) upon such terms and conditions as the Bank, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank to be used exclusively for discharge of the Bank’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Bank’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the BankEmployer’s assets shall be held in or under any trust for the benefit of the Executive or held in any way as security for the fulfillment of the obligations of the Bank Employer under this Agreement; (iii) all of the BankEmployer’s assets shall be and remain the general unpledged and unrestricted assets of the BankEmployer; (iv) the BankEmployer’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank Employer and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the BankEmployer’s discretion if the Executive does not so request and the Bank Employer nonetheless deems it appropriate, the Bank Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust” or “Trusts”) upon such terms and conditions as the BankEmployer, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank Employer to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank Employer to be used exclusively for discharge of the BankEmployer’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the BankEmployer’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Columbia SERP Agreement; (ii) none of the BankEmployer’s assets shall be held in or under any trust for the benefit of the Executive or held in any way as security for the fulfillment of the obligations of the Bank Employer under this Columbia SERP Agreement; (iii) all of the BankEmployer’s assets shall be and remain the general unpledged and unrestricted assets of the BankEmployer; (iv) the BankEmployer’s obligation under this Columbia SERP Agreement shall be that of an unfunded and unsecured promise by the Bank Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Columbia SERP Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank Employer and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the BankEmployer’s discretion if the Executive does not so request and the Bank Employer nonetheless deems it appropriate, the Bank Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the BankEmployer, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank Employer to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Columbia SERP Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank Employer to be used exclusively for discharge of the BankEmployer’s obligations pursuant to this Columbia SERP Agreement and shall continue to be subject to the claims of the BankEmployer’s general creditors until paid to the Executive in such manner and at such times as specified in this Columbia SERP Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer Bank as a result of this Agreement; (ii) none of the Bank’s assets shall be held in or under any trust for the benefit of Executive or held in any way as security for the fulfillment of the obligations of the Bank under this Agreement; (iii) all of the Bank’s assets shall be and remain the general unpledged and unrestricted assets of the Bank; (iv) the Bank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank to pay money in the future; and (v) Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank and Executive acknowledge and agree that, in the event of a Change in Control, upon request of Executive, or in the Bank’s discretion if Executive does not so request and the Bank nonetheless deems it appropriate, the Bank shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the Bank, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank to be used exclusively for discharge of the Bank’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Bank’s general creditors until paid to Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the BankEmployer’s assets shall be held in or under any trust for the benefit of the Executive or held in any way as security for the fulfillment of the obligations of the Bank Employer under this Agreement; (iii) all of the BankEmployer’s assets shall be and remain the general unpledged and unrestricted assets of the BankEmployer; (iv) the BankEmployer’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank Employer and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the BankEmployer’s discretion if the Executive does not so request and the Bank Employer nonetheless deems it appropriate, the Bank Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the BankEmployer, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank Employer to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank Employer to be used exclusively for discharge of the BankEmployer’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the BankEmployer’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer Bank as a result of this Agreement; (ii) none of the Bank’s assets shall be held in or under any trust for the benefit of Executive or held in any way as security for the fulfillment of the obligations of the Bank under this Agreement; (iii) all of the Bank’s assets shall be and remain the general unpledged and unrestricted assets of the Bank; (iv) the Bank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank to pay money in the future; and (v) Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank and Executive acknowledge and agree that, in the event of a Change in Control, upon request of Executive’s request, or in the Bank’s discretion if Executive does not so request and the Bank nonetheless deems it appropriate, the Bank shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust” or “Trusts”) upon such terms and conditions as the Bank, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank to be used exclusively for discharge of the Bank’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Bank’s general creditors until paid to Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Bank’s Employer's assets shall be held in or under any trust for the benefit of the Executive or held in any way as security for the fulfillment of the obligations of the Bank Employer under this Agreement; (iii) all of the Bank’s Employer's assets shall be and remain the general unpledged and unrestricted assets of the BankEmployer; (iv) the Bank’s Employer's obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank Employer and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the Bank’s Employer's discretion if the Executive does not so request and the Bank Employer nonetheless deems it appropriate, the Bank Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust rabbi trust or multiple Rabbi Trusts rabbi trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the BankEmployer, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, ; in order to permit the Bank Employer to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank Employer to be used exclusively for discharge of the Bank’s 5NEXT PAGE Employer's obligations pursuant to this Agreement and shall continue to be subject to the claims of the Bank’s Employer's general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the BankEmployer’s assets shall be held in or under any trust for the benefit of the Executive or held in any way as security for the fulfillment of the obligations of the Bank Employer under this Agreement; (iii) all of the BankEmployer’s assets shall be and remain the general unpledged and unrestricted assets of the BankEmployer; (iv) the BankEmployer’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Bank Employer and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the BankEmployer’s discretion if the Executive does not so request and the Bank Employer nonetheless deems it appropriate, the Bank Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the BankEmployer, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Bank Employer to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Bank Employer to be used exclusively for discharge of the BankEmployer’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the BankEmployer’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.